Two. With global fears heightened by the Japanese quake, the dollar is higher against most major currencies. Commodities are priced in dollars, so all things being equal, if the buck is stronger, it takes less of ‘em to buy stuff. The exception: the yen. It is much stronger as investors bet that yen will be repatriated in large numbers to pay for rescue, recovery and reconstruction.

Three. The “Day of Rage” in Saudi Arabia, forecast for today, pretty much fizzled into nothing significant. The world’s biggest oil producer, for now, looks likely to keep pumping oil without interruption.

If fundamentals re-asserted sway, the drop in oil prices might be considered a net positive for stocks. After all, the recent retreat in share prices stemmed, in large part, from the spike in oil prices as unrest flashed across the Middle East and North Africa (MENA).

But, for now, investors remain chary about owning stocks or other risky investments.

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